Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
21/04/2010
New Mexico pension board hires GAM FoHF
The New Mexico Educational Retirement Board (ERB), which manages $6.5bn in assets, has approved an investment with fund of hedge funds (FoHF) Gam Trading.
The pension fund awarded the manager with a $150m investment, chief investment officer at ERB, Bob Jacksha, revealed in an email to HFMWeek. The investment is contingent upon final contract negotiations, he added.
In fact, ERB is short of its 10% target allocation to hedge funds and the search was part of a move to fulfil it, Boris Wesseley, an ERB spokesperson stated last month. At the end of 2009, ERB also added a collateralised loan obligation (CLO) fund managed by Goldentree Asset Management to its portfolio.
At the time, ERB had almost 7% of its portfolio allocated to absolute return. The Goldentree investment was made in a separate account.
Gam Trading, which is a trading, global macro and CTA FoHF, is one of the firm’s oldest strategies, with a 20-year track record and $2.5bn in assets under management.
The pension invests in the following hedge funds: Benchmark Plus, Deutsche Topiary Fund, Gottex Market Fund, Gottex Neutral Plus and the Tag Relative Offshore Fund. It also hold allocations to Bridgewater All Weather and Pure Alpha Funds, which make up a 5% GTAA strategy.
An investment in the Austin Capital Safe Harbour Fund is in the process of being redeemed.
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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